Guideline Value for Lake View 8th Street

Lake View 8th Street guideline value

The current guideline value of Lake View 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Lake View 8th Street has changed

The guideline value for Lake View 8th Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The current value of Rs 2,200 per sq.ft represents a further increase of 10% from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for this street for the years 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, placing Lake View 8th Street's 2024 figure below this median.

• Lake View 7th Street: Rs 2,200 per sq.ft (2024)
• Lake View 9th Street: Rs 2,200 per sq.ft (2024)
• Lake View 6th Street: Rs 2,200 per sq.ft (2024)
• Lake View 5th Street: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street/Ayyappa Nagar: Rs 2,200 per sq.ft (2024)
• Lake View 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lake View 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total fees would be Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lake View 8th Street?

The Sub Registrar Office covering Lake View 8th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial component in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any issues during registration.

Frequently asked questions

What is the current guideline value of Lake View 8th Street?

The current guideline value of Lake View 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64%.

What are the stamp duty and registration fees for property in Lake View 8th Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Lake View 8th Street?

The Velacheri Sub Registrar Office covers Lake View 8th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Lake View 8th Street?

Lake View 8th Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.